Chinese Oil Majors Collect Stake in Angola's Block 32 for $1.3B

Marathon announced that its subsidiary, Marathon International Petroleum Angola Block 32 Limited, has entered into a definitive agreement with CNOOC International Limited (CNOOC), and Sinopec International Petroleum Exploration and Production Corporation (SINOPEC) under which CNOOC and SINOPEC will purchase an undivided 20 percent participating interest in the Production Sharing Contract and Joint Operating Agreement in Block 32 offshore Angola. The transaction has a total value of $1.3 billion, excluding any purchase price adjustments at closing, with an effective date of Jan. 1, 2009.....Complete Story

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Crude Oil Struggles to Extend Rally, Analyst Calling For Lower Prices

Crude oil was lower overnight as it consolidates some of this week's short covering rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 64.99 are needed to confirm that a short term low has been posted.

If August renews the decline off June's high, the 62% retracement level of the February-June rally crossing at 54.97 is the next downside target.

Friday's pivot point for crude oil, our line in the sand is 61.59

First resistance is the overnight high crossing at 62.35
Second resistance is the 20 day moving average crossing at 64.99

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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Natural gas was lower overnight as it consolidates some of Thursday's rally. However, stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Closes above the 20 day moving average crossing at 3.66 are needed to confirm that a short term low has been posted.

If August natural gas renews the decline off June's high, weekly support crossing at 3.16 is the next downside target.

The natural gas pivot point for Friday is 3.52

First resistance is the 20 day moving average crossing at 3.66
Second resistance is Thursday's high crossing at 3.68

First support is the 10 day moving average crossing at 3.43
Second support is Monday's low crossing at 3.23

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Profits For Oil Industry Expected to Fall Sharply

For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world’s largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel. The April-June results may be somewhat better than first quarter earnings, which were the lowest in several years, but declines of 50 percent or more from a year ago are likely to be the norm. That’s what happens when oil prices plunge more than 60 percent.....Complete Story


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Oil May Test Bollinger Support Near $58

Crude oil remains in a downtrend and may slip toward its lower Bollinger Band just above $58 a barrel as traders test the resilience of technical support levels, said the head of Cameron Hanover Inc. Oil traded above $62 a barrel this week as buyers stepped in after futures, which dropped July 13 to an eight week low of $58.32, were deemed undervalued, said Peter Beutel, president of the New Canaan, Connecticut-based trading advisory firm......Complete Story

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Where Is Crude Oil Headed on Friday

CNBC's Sharon Epperson discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow [Friday].




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Daily Crude Oil Prices From Market Masters

Yesterday's sharp rebound in crude oil prices reflected an increased appetite for risk as equity markets rallied thereby precipitating a consequent slide in the US Dollar. In addition the oil market appears to have discounted the higher than expected gasoline stocks, instead taking a bullish cue from the larger than anticipated draw in the crude inventory. It is interesting to note that it is exactly one year since the great oil price spike (14th July 2008 - Bastille Day) but following a drop of almost.....Complete Story



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Short Term Low May be in For Crude Oil and Natural Gas

Crude oil closed higher due to short covering on Thursday as it consolidates some of this month's decline. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 65.40 are needed to confirm that a short term low has been posted. If August renews the decline off June's high, the 62% retracement level of this spring's rally crossing at 54.97 is the next downside target.

First resistance is today's high crossing at 62.18
Second resistance is the 20 day moving average crossing at 65.40

First support is Monday's low crossing at 58.32
Second support is the 62% retracement level crossing at 54.97

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August Henry natural gas closed sharply higher on Thursday and above the 10 day moving average crossing at 3.426 signaling that a short term low might be in or is near. The high range close sets the stage for a steady to higher opening on Friday.

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 3.686 are needed to confirm that a short term low has been posted. If August renews this summer's decline, weekly support crossing at 3.155 is the next downside target.

First resistance is today's high crossing at 3.68
Second resistance is the 20 day moving average crossing at 3.69

First support is Monday's low crossing at 3.23
Second support is weekly support crossing at 3.16

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Oil Rises Along With Equities as Roubini Predicts Recession End This Year

Crude oil rose to a one week high as equities climbed and economist Nouriel Roubini said the recession will end this year. Crude oil for August delivery rose 51 cents, or 0.8 percent, to $62.05 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Prices are up 39 percent this year. Futures touched $62.17, the highest since July 8. Brent crude for August settlement declined 34 cents, or 0.5 percent, to $62.75 a barrel on London's.....Complete Story

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Natural Gas Futures Surge After Report Shows Narrowing Surplus

Natural gas futures surged to their biggest gain in four months after a government report showed a narrowing U.S. stockpile surplus. An inventory increase of 90 billion cubic feet in the week ended July 10 sent supplies to 2.886 trillion cubic feet, the Energy Department said. The total was 18.7 percent higher than the five-year average, down from 19.3 percent in last week’s report and the fourth consecutive narrowing. “We’re seeing the impact of the rig count drops,” said Phil Flynn, vice president of research at PFG Best in Chicago.....Complete Story

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Jordan Parliament Approves Shell Oil Exploration Deal

The Jordanian Parliament has approved a multibillion-dollar concession agreement with Royal Dutch Shell PLC to explore oil from Jordan's vast oil shale resources, a source at the country's Natural Resources Authority said Thursday. "The council of deputies has ratified the agreement during a session held Wednesday," the source told Dow Jones Newswires. Shell is expected to spend around $500 million on exploration, assessment and designs on the project.....Complete Story

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